Official Notification:
Central Government amends GST rates under Section 11 of the Central Goods and Services Tax Act, 2017, based on Council recommendations.
Changes in Notification:
Amendment in the notification No. 21/2018-Central Tax (Rate), dated July 26, 2018.
Product Code Alteration:
Entry in column (2) against S. No. 4 changed to "4414" from the previous code.
Revised Product Code:
Entry in column (2) against S. No. 29 updated to "7419 80" from the previous code.
Effective Date:
The changes are effective from January 1, 2022.
Legislative Background:
The amendments align with the ongoing efforts to streamline GST classifications and rates.
Official Statement:
Rajeev Ranjan, Under Secretary to the Government of India, issues the directive.
Impact on Businesses:
Businesses dealing with products falling under the affected codes need to adhere to the revised GST rates starting the new year.